New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-01-31
THE PETROLEUM MARKET
NEWS FROM THE FIELD AND RANGE OF PR

NEWS FROM THE FIELD AND RANGE OF PRICES.
Eliminating the considerations pure speculation and of
commercial speculation he prudential motives which LEAD
merchants carry when they plethora ahead
or to add much possible they think
famine or scarcity apprOschng the cost OF product
strong bearing on the question whether Is
cheap low high. Certainly crude OIL cannot be
mined at 81, except under exceptional con-
dnens business of the average producer under
taken has not returned him profit and he
has simply the capital supplied by old lowing
wells Taking the failures that must
say any business like mining IL is DISPUTED by few
p,oducers that even the companies and firms the Washing
ton territory made except in particular cases
The the oil supply has from tie great Brad
ford AMI Aegany fields and 1t Is the old STAYING but small
explorations districts THE sharp shrnkage IN de-
sepiy y Ihe persistence OF prices
feVort when however differs slightly from the oil Cy Der
res which not yet i'm as guide The number on
No against 500 N May 574 ss6 Although
KEN T to s1ma,te The ri We link saving
that will be material Increase In operations unless
Que need feel surprise the low prices % last year
Able con itot helm ell the market IA consdcei
A. early as last 7 Ipp nj 'e low e ss VAS
con merca factor district important then as now
goas than To-Day Aided to these tie
s"d SS at
i lo. 20 aa %eghts hung the enod hay q
anew anew O e,;r rsaSe Every rson
In hsT dozen states by the hunters Tor
natural gas The only wonder " b. felt Is that beash
speculation did MT succeed in h.mmerns value, beS%
the drng largely reduced the chances now o.
oil check the r1pt shrinkage III OId
production There IL no halt IN he widening move
e1, s ys Is . sae G
Vet at present OF the movement the supply and
demand ne sSfk 70 aSSs sre win ASa as Certain
law be that u the era OF 10" prices IL
production is likely through the further sus
pension OF the drill. coupled with The natural ht.
barrels a average that would readily cause
wipng 100000 barrels 10y the end OF the
year II crude oil sold lower than 10 cents ut Just touched
boa 1896 with the beaSh elements al work
we further back Is IL reasonable u look
1887 when the present OUTLOOK for the sources
OF production really be considered seriousi
January 2s) were as follows
Runs Deliveries Excess devs. Charters.
Teal IL, sv 5asS i'ss 1852 S 7 Gai
The spirit apparently has fed from speculation In crude
and the the roomraders are convinced
that dea sleeping There was no news from the OIL
reported saturday a. 1853 barrels from l54
wells average OF about 81 barrels per well with three
wells with torpedoes TIE production OF the Rebod
pool County Peun. II rising somewhat but the
important expansion IN that
direction. Al any rate the market has not reflected IT, II
stupid sIgnant at such small fluctuations as IRON
rO7. 10 $3.50 7Oo- cents closing fle OIL
again. heavy pressure oil long oil and ct The
does TO be large tn selling done
by weary holders tie buy largely 10 rttadiog
shorts The ass fearful Of veniurng
side speculation the strength OF statistics Restrain
the deafness OF the dealings discourage
The close made with full measure O seahness
with longing eventgoOd bad-that would
change the o. speculation and reiDspIe vitality.
The prices aud the total dealings IN National Transit
Consolidated stock and Petroleum Tx
change TOR the last three weeks were as follows No.
UFa.kap al lar